FINRA disciplinary action update #32
Disciplinary decisions issued September 29 – October 5, 2023.
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Maxim Group censured and fined for alleged AML failings
The firm’s procedures were inadequate in ensuring compliance with Section 5 of the Securities Act. Account reviews were only conducted when customers deposited securities at the firm. Low-priced security transactions traded through Delivery versus Payment / Receive versus Payment (DVP/RVP) accounts
17 CFR 230.144A, 17 CFR 230.901, Compliance, Disciplinary action, Enforcement, FINRA, FINRA Reg Notice 09-05, FINRA Reg Notice 21-03, FINRA Rule 1210.05, FINRA Rule 2010, FINRA Rule 2360, FINRA Rule 3110, FINRA Rule 3280, FINRA Rule 3310, FINRA Rule 8210, Industry, MNPI, NASD NTM 02-21, SA 1933 Rule 144A, SEC Reg S, US Content